What is Celestia (TIA)? Everything You Need to Know

The growing world need for blockchain presents its own challenges for developers who want to provide solutions to current problems. Where one of the problems that is the main core of the solutions previously offered by blockchain to today's digital world is scalability. Therefore, Celestia (TIA) is trying to provide a new concept for this problem, namely by offering a modular blockchain concept.

What is Celestia (TIA)?

Celestia is the world's first modular blockchain that tries to provide a different scalability solution for its users. Built on the Cosmos SDK and using Proof of Stake consensus , Celestia can overcome scalability issues while maintaining the decentralization and security aspects of the network, which are challenges for existing and widely used monolithic blockchains today. Furthermore, this blockchain project utilizes Data Availability Sampling (DAS) to improve scalability and transaction execution.

Source: https://celestia.org/

Modular blockchain itself is a new paradigm in the blockchain world. Instead of one blockchain doing everything, modular blockchains specialize and optimize to perform specific functions.

This specialization provides breakthroughs in scalability, flexibility, and interoperability, enabling developers to build blockchain applications for mass adoption. Below is a graphic illustration to briefly explain the difference between monolithic and modular blockchain.

Source: https://celestia.org/what-is-celestia/

Ecosystem

Just launched on October 31, 2023, Celestia's (TIA) Mainnet Beta has the code name Lemon Mint.

As a blockchain that has just been launched, Celestia managed to break through its predecessors and occupy position #109 and recorded a market cap of $328 million based on the latest information from the CoinMarketCap site on November 8, 2023. 

Who is the developer behind the success of Celestia (TIA)?

Even though they are newcomers, Celestia developers are not just anyone. This is because Al-Bassam, Founder and CEO of Celestia, is a blockchain researcher who has published three books, together with Ethereum Co-Founder, Vitalik Buterin. 

Apart from that, there is also a Layer 2 blockchain expert, John Adler, and also a former founder of Harmony, namely Nick White, who are the people behind the success of this blockchain project.

What are the uses of the TIA token?

TIA is the native token on the Celestia network. Based on the white paper , the TIA token has several uses, namely as follows:

1. To use Celestia's availability data layer, the rollups development team must perform a PayForBlobs transaction on Blobspace. This process requires payment using TIA.
2. Just like Ethereum-based rollups , development teams can bootstrap their chains by using TIA to gas tokens and currency on the TIA blockchain. 
3. As a Proof of Stake blockchain , Celestia uses TIA to secure the network and provide rewards through a staking mechanism.
4. For TIA stakers, they will be given the right to participate in Celestia's decentralized governance .

Tokenomics

Source: https://docs.celestia.org/learn/staking-governance-supply

To date, the maximum supply of TIA is 1 billion TIA on Genesis, and is divided into five categories, namely as follows:

1. Public Allocation: Genesis and incentives on Testnet amount to 7.4% of TIA tokens of the total supply currently in circulation.
2. Research & Development & Ecosystem: tokens are allocated to the Celestia Foundation and core developers for the purposes of research, development, and ecosystem initiatives. This includes protocol maintenance and development as well as programs for rollup developers , infrastructure, and node operators amounting to 26.8% of TIA's total token supply currently in circulation.
3. Investor series A and B: for this category, the development team allocated 19.7% of the total TIA supply currently circulating.
4. Investor series Seed : in this category, the developer team allocates less TIA tokens, namely 15.9% of the total TIA supply currently circulating.
5. Core contributors (Celestia Labs members, founders), are allocated 17.6% of the total TIA supply currently circulating.

Conclusion

The presence of Celestia makes competition and development in the blockchain industry even more competitive. Different from blockchains in general, Celestia is the first blockchain project to use a modular architecture. This modular architecture allows the blockchain to perform more specific functions. This is why Celestia can overcome scalability, flexibility and interoperability problems optimally. 

How to Buy Celestia (TIA) on Bittime

After knowing what Celestia is and how it works, are you interested in buying and investing in this crypto asset? You can do it at Bittime. Celestia is available on Bittime in TIA IDR pairing. 

 Below is a guide on how to buy TIA coins on Bittime:

1. Register an account at Bittime using an active email. 
2. Complete the identity verification process.  
3. Once the account is verified, open the Bittime application.
4. Select the Market menu or click the graphic icon. 
5. Select the IDR pairing to buy Celestia (TIA) with Rupiah.
6. Click 'Buy'.
7. Select the order type to use. Limit orders, market orders and stop orders are available.
8. Enter the nominal rupiah to buy TIA.
9. Click the 'Buy TIA' button. 
10. A notification pop up will appear. Read it carefully and click 'Confirm'. 
11. Enter the six digit Transaction PIN.
12. The application will display a successful order notification. 

For a complete guide on how to buy TIA, click here .

Apart from buying Celestia (TIA), you can also buy various crypto assets such as BTC, ETH, SOL, ADA, AVAX, DOGE, and many others. Don't forget, keep monitoring the movement of the TIA, BTC, ETH, SOL price charts today to find out crypto market trends on Bittime. 

Crypto asset buying and selling transactions on Bittime are easy, safe and instant. Bittime is officially registered and supervised by Bappebti and Kominfo. 

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.